Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Share

v3.8.0.1
Net Income per Common Share
 6 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Net Income per Common Share
Net Income per Common Share
Basic net income per common share is computed by dividing net income available to Thermon Group Holdings, Inc. by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to Thermon Group Holdings, Inc. by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method. With regard to the performance stock units, we assumed that the associated performance targets will be met at the target level of performance for purposes of calculating diluted net income per common share.
The reconciliations of the denominators used to calculate basic and diluted net income per common share for the three and six months ended September 30, 2017 and 2016, respectively, are as follows:
 
 
Three Months Ended September 30, 2017
 
Three Months Ended September 30, 2016
 
Six Months Ended September 30, 2017
 
Six Months Ended September 30, 2016
Basic net income per common share
 
 
 
 
 
 
 
 
Net income available to Thermon Group Holdings, Inc.
 
$
4,778

 
$
3,506

 
$
5,257

 
$
6,032

Weighted-average common shares outstanding
 
32,408,143

 
32,278,361

 
32,412,819

 
32,255,476

Basic net income per common share
 
$
0.15

 
$
0.11

 
$
0.16

 
$
0.19

 
 
Three Months Ended September 30, 2017
 
Three Months Ended September 30, 2016
 
Six Months Ended September 30, 2017
 
Six Months Ended September 30, 2016
Diluted net income per common share
 
 
 
 
 
 

 
 

Net income available to Thermon Group Holdings, Inc.
 
$
4,778

 
$
3,506

 
$
5,257

 
$
6,032

Weighted-average common shares outstanding
 
32,408,143

 
32,278,361

 
32,412,819

 
32,255,476

Common share equivalents:
 
 
 
 
 
 
 
 
Stock options
 
192,179

 
224,795

 
197,734

 
226,396

Restricted and performance stock units
 
189,199

 
107,779

 
106,822

 
98,416

Weighted average shares outstanding – dilutive (1)
 
32,789,521

 
32,610,935

 
32,717,375

 
32,580,288

Diluted net income per common share
 
$
0.15

 
$
0.11

 
$
0.16

 
$
0.19


(1) For the three and six months ended September 30, 2017, 52,252 and 47,999 equity awards, respectively, were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect. For the three and six months ended September 30, 2016, 68,736 and 70,799 equity awards, respectively, were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect.